Another good week on the Eur High Yield segment with the index posting return close to 50 bps.  Calm but positive sessions in the segment pushed mainly by technicals. News from the US regarding Covid new cases are not scratching the markets. Macron announced a €100bn further fiscal package meanwhile Lagarde press conference went smoothly this time, she was cautions but reassuring at the same time. However, all the market players’ eyes are focused on the European Council’s negotiations.

Reporting season kicked off this week. In particular focus was on Financials. Even if banks piled loan loss provisions, they performed on average better than expected.

The beginning of this week will be most likely characterized by the result of the European Council’s negotiations, which are still open mainly because of the opposition coming from the frugal four.